Conestoga Capital Advisors LLC Cuts Stake in Planet Labs PBC $PL

Key Points

• Conestoga Capital Advisors LLC reduced its stake in Planet Labs by 66.3% in Q4, selling 163,250 shares and leaving 82,985 shares valued at about $1.636 million per its latest 13F filing.
• Planet Labs missed EPS (−$0.48 vs. −$0.05) but revenue grew 41.1% to $86.82 million for the quarter; the stock recently rose about 8.4%, trading near $36.95 with a 52‑week range of $3.29–$41.71 and a $12.79 billion market cap.
• Company insiders executed large sales (CFO sold 200,000 shares for $7.02 million; another insider sold 73,683 shares), and analysts hold a consensus Hold rating with an average price target of $29.94.

Conestoga Capital Advisors LLC lowered its position in shares of Planet Labs PBC (NYSE:PL - Free Report) by 66.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 82,985 shares of the company's stock after selling 163,250 shares during the quarter. Conestoga Capital Advisors LLC's holdings in Planet Labs PBC were worth $1,636,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of PL. Barclays PLC raised its position in Planet Labs PBC by 758.1% during the 3rd quarter. Barclays PLC now owns 3,727,743 shares of the company's stock worth $48,386,000 after buying an additional 3,293,333 shares during the last quarter. Invesco Ltd. raised its position in Planet Labs PBC by 265.6% during the 3rd quarter. Invesco Ltd. now owns 3,450,479 shares of the company's stock worth $44,787,000 after buying an additional 2,506,595 shares during the last quarter. Two Sigma Investments LP raised its position in Planet Labs PBC by 257.5% during the 3rd quarter. Two Sigma Investments LP now owns 2,362,275 shares of the company's stock worth $30,662,000 after buying an additional 1,701,535 shares during the last quarter. Vanguard Group Inc. raised its position in Planet Labs PBC by 9.7% during the 3rd quarter. Vanguard Group Inc. now owns 18,551,697 shares of the company's stock worth $240,801,000 after buying an additional 1,637,880 shares during the last quarter. Finally, Marshall Wace LLP raised its position in Planet Labs PBC by 10,305.7% during the 2nd quarter. Marshall Wace LLP now owns 1,509,248 shares of the company's stock worth $9,206,000 after buying an additional 1,494,744 shares during the last quarter. Hedge funds and other institutional investors own 41.71% of the company's stock.

Planet Labs PBC Stock Up 8.4%

Shares of NYSE PL opened at $36.95 on Friday. The company has a quick ratio of 1.64, a current ratio of 1.65 and a debt-to-equity ratio of 2.37. Planet Labs PBC has a 52 week low of $3.29 and a 52 week high of $41.71. The firm has a 50-day moving average price of $30.94 and a 200 day moving average price of $22.55. The stock has a market capitalization of $12.79 billion, a price-to-earnings ratio of -47.37 and a beta of 1.83.

Planet Labs PBC (NYSE:PL - Get Free Report) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.43). Planet Labs PBC had a negative net margin of 80.22% and a negative return on equity of 69.61%. The company had revenue of $86.82 million during the quarter, compared to analyst estimates of $78.17 million. The company's revenue for the quarter was up 41.1% compared to the same quarter last year. Equities research analysts anticipate that Planet Labs PBC will post -0.45 EPS for the current fiscal year.

Insider Activity

In other Planet Labs PBC news, CFO Ashley F. Johnson sold 200,000 shares of the firm's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $35.10, for a total transaction of $7,020,000.00. Following the completion of the transaction, the chief financial officer directly owned 1,895,162 shares in the company, valued at approximately $66,520,186.20. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Robert H. Schingler sold 73,683 shares of the firm's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $35.07, for a total transaction of $2,584,062.81. Following the transaction, the insider owned 256,488 shares of the company's stock, valued at $8,995,034.16. This trade represents a 22.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PL shares. The Goldman Sachs Group upped their price objective on shares of Planet Labs PBC from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Monday, April 20th. Craig Hallum reiterated a "buy" rating and issued a $30.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Citigroup raised their price objective on shares of Planet Labs PBC from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. Northland Securities set a $28.00 price objective on shares of Planet Labs PBC in a research note on Tuesday, January 13th. Finally, Wedbush raised their price objective on shares of Planet Labs PBC from $30.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, March 20th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $29.94.

Planet Labs PBC Company Profile

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company's multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet's imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.

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